Can Private Mortgage Insurance (PMI) be canceled?
Under certain circumstances, you may be able to request a waiver of PMI. The conditions for cancellation of the PMI will be determined by the holder of your Mortgage Note at the time of your written request. The Mortgage Note Holder may consider factors including, but not necessarily limited to: loan-to-value ratio, appraised value of the property, occupancy status, payment record and length of time since loan was closed. It is possible that there may be no obligation on the part of the parties involved to approve cancellation of PMI coverage. Certain mortgage loans may require PMI for the life of the loan.
Under certain circumstances, you may be able to request a waiver of PMI. The conditions for cancellation of the PMI will be determined by the holder of your mortgage note at the time of your written request. The mortgage note holder may consider factors including, but not necessarily limited to: loan-to-value ratio, appraised value of the property, occupancy status, and payment record and length of time since loan was closed. It is possible that there may be no obligation on the part of the parties involved to approve cancellation of PMI coverage. Certain mortgage loans may require PMI for the life of the loan.
